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General Growth Announces Bankruptcy Emergence Plans
November 20, 2009
Chicago-based mall operator General Growth Properties, which filed for bankruptcy in April, announced that about 170 of its related entities will emerge from bankruptcy protection by the end of the year, according to Reuters.com. A hearing date for a plan of emergence is tentatively set for Dec. 14. The move came along with the announcement that the company has reached an agreement with lenders that extends maturities on 70 loans and allows the lenders to get their money back, including costs related to the bankruptcy. The agreement applies mostly to mortgages and leaves the company negotiating other property debt, as well as more than $6 billion of corporate-level debt, Reuters reported. "What's important is that it represents $9 billion of the $14 billion" of property-level debt, said General Growth attorney Marcia Goldstein, of Weil Gotshal. "It's a linchpin to concluding the plan of reorganization at the corporate level." General Growth has until February to submit a plan of reorganization.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone.Click here for a video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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